Internal Revenue Bulletin:  2008-41 

October 14, 2008 

INCOME TAX


Ct.D. 2087 Ct. D. 2087

Refund of taxes unlawfully assessed; administrative claim. The Supreme Court holds that the plain language of 26 U.S.C. sections 7422(a) and 6511 requires a taxpayer seeking a refund for a tax assessed in violation of the export clause, just as for any other unlawfully assessed tax, to file a timely administrative refund claim before bringing suit against the government. United States v. Clintwood Elkhorn Mining Co.et.al.

REG-209006-89 REG-209006-89

Proposed regulations under sections 367(a)(5), 367(b), and 1248(f) of the Code concern certain cross-border asset reorganizations and nonrecognition distributions of the stock of certain foreign corporations by domestic corporations. The regulations incorporate Notices 2008-10 and 87-64.

Notice 2008-78 Notice 2008-78

Section 382. This notice provides guidance regarding capital contributions under section 382(l)(1) of the Code and requests comments on the subject.

Notice 2008-81 Notice 2008-81

This notice provides guidance relating to a temporary program being provided by the Treasury Department to enable money market funds to maintain stable $1.00 per share net asset values. The notice provides that the Treasury Department and the Service will not assert that the program violates the restrictions against federal guarantees of tax-exempt bonds with respect to any tax-exempt bond assets held by tax-exempt money market funds participating in the program, and will not impair the ability of a money market fund participating in the program to designate exempt interest dividends or of the shareholders of such a fund to claim the benefits of tax exemption with respect to such exempt interest dividends.

Notice 2008-82 Notice 2008-82

This notice provides guidance on section 114 of the Heroes Earnings Assistance and Relief Act of 2008, which amended section 125 of the Code to provide a special rule allowing distributions of unused amounts in a health Flexible Spending Arrangement (FSA) to reservists called up to active duty.

Notice 2008-84 Notice 2008-84

Section 382. This notice provides guidance regarding section 382 of the Code in the case of certain acquisitions made by the United States.

Rev. Proc. 2008-58 Rev. Proc. 2008-58

This procedure provides federal income tax guidance to taxpayers for certain settlement offers involving auction rate securities.


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